Understanding prepaid business cards
Prepaid business cards are a versatile tool for small businesses to manage their finances effectively. These cards allow for better budgeting as only the pre-loaded amount can be spent. They can be used for various expenses such as meals, entertainment, and supplier payments.
There are physical and virtual card options available, with virtual cards being ideal for online purchases and subscriptions, while physical cards are better suited for in-person transactions. Both types of cards offer added security compared to credit or debit cards and can be easily added to digital wallets like Apple Pay or Google Pay.
For small businesses with limited access to credit cards due to poor credit ratings, prepaid cards can be a viable alternative. They can be obtained as part of a business account package or as standalone cards.
Pros and cons of prepaid business cards
Pros:
- Instant issuance: New staff members can be quickly set up with prepaid cards.
- No credit check required: Ideal for businesses with less-than-perfect credit histories.
- Convenience: Easy integration with existing business bank accounts.
- User-friendly: Once set up, the cards are ready to use with spending limits in place.
- Widely available: Numerous prepaid card options are available through banking providers or as standalone products.
- Quick expense processing: Faster than credit cards, reducing staff out-of-pocket expenses.
- International use: Suitable for business travel with the ability to load multiple currencies.
Cons:
- Fee-heavy: Prepaid cards may have unexpected fees for loading or exceeding limits.
- No credit score building: Does not contribute to building a credit rating.
- Limited rewards: Fewer rewards compared to debit or credit cards.
- No Section 75 protection: Not covered by Section 75 in case of breaches or misrepresentation by sellers.
Top prepaid business cards
Here are some of the best prepaid business cards currently available:
Wallester
Number of cards: Unlimited
Account fee: None
Accounting integrations: None
Features: Budgeting tools, customizable cards with business logo, compatible with Apple Pay and Google Pay
Get started with Wallester
Emburse
Number of cards: Unlimited
Account fee: Custom
Accounting integrations: QuickBooks, Xero
Features: Spending limits, category restrictions, approval authority, no fees for domestic transactions
Equals Money
Number of cards: Up to 100 physical cards on Business account, over 100 for Custom account
Account fee: Business (£50 per year), Custom (bespoke)
Fees: £1.50 per cash withdrawal, £10 per additional card issued
Accounting integrations: Xero
Features: Unlimited users, no monthly fees, free virtual cards
Revolut
Number of cards: 3-200, depending on the type of card
Account fee: Basic (£0), Grow (£19), Scale (£79), Enterprise (custom)
Fees: Add members for £5 per month each
Accounting integrations: Xero, QuickBooks, Sage, FreeAgent
Features: Borderless accounts, fee-free transfers to Revolut accounts, multi-currency support
Pleo
Number of cards: Not stated
Account fee: Starter (£0), Essential (£39 per month)
Fees: £5 per ATM withdrawal on the Starter package
Accounting integrations: Xero, Quickbooks, Sage
Features: Multi-currency support, cashback rewards, custom spend controls
Airwallex
Number of cards: Unlimited
Account fee: £45 set up fee, no monthly fee
Fees: Add multi-currency cards for £5 per user per month, first five cards are free
Accounting integrations: Xero
Features: Global spending in 40+ currencies, auto currency conversion, team expense consolidation
Soldo
Number of cards: 20, 30 or unlimited virtual and physical cards (dependent on your plan)
Account fee: Fees start from £21 per month, depending on the package
Fees: International transaction fees, ATM fees, issuance fees for virtual and physical cards
Accounting integrations: Sage, Xero and Quickbooks
Features: Apple and Google Pay support, receipt capture, bank transfers, card rules and limits
Tide
Number of cards: Up to 50 Tide prepaid cards per account
Account fee: Free (£0), Plus (£9.99), Pro (£18.99), Cashback (£49.99)
Fees: Additional card fees apply
Accounting integrations: QuickBooks, Xero and Sage
Features: Individual spending limits, invoicing, cashback rewards
Card One Money
Number of cards: Not stated
Account fee: £12.50 per month with application fee
Fees: UK cash withdrawals cost £1.50, additional card fees apply
Features: Cashback rewards, online card loading, spending limits
ANNA Money
Number of cards: Between one and unlimited cards depending on the package
Account fee: Pay as you Go, Business (£14.90 per month +VAT), Big Business (£49.90 per month + VAT)
Fees: Withdrawal fees apply depending on the package
Features: Cashback rewards on select spend categories
Wise Business
Number of cards: Not stated
Account fee: £45 opening fee
Fees: Flat rate for additional users
Features: Free withdrawals up to a limit, expense card options with no monthly fees, cashback rewards
Expend
Number of cards: Unlimited
Account fee:
<Fees: